Rock River Bank already had plans to be closed Friday and Saturday for the Fourth of July holiday. However since the FDIC has taken over, when it opens back up, it will operate under a different name.

"Harvard State Bank assumes all of the deposit of Rock River Bank no one lost money as part of this transaction depositors can have access to their account by using their ATM writing check or their debit card," says FDIC Senior Ombudsman Specialist David Lok.

FDIC personnel are working after hours, counting cash and making sure all paperwork is in order for Monday's takeover. Customer Mary Marmol saw this increased activity and stopped by to make sure her money is safe.

"I want all of my automatic deposits on time as usual I want to come in comfortably and know that service is ongoing as usual," she says.

Authorities tell us the transition should be seamless and the only immediate change is we can't deposit in person until Monday. Direct deposit shouldn't be effected. As for loans and mortgages, Harvard now owns them, but make checks out to Rock River. Interest rates might change. Harvard is reviewing rates and will contact its customers. And if you have a pending loan and have any questions, contact your loan officer.

About 46-hundred people bank with Rock River, which has four locations, three in Oregon, one in Rockford. FDIC officials wouldn't say why they're taking over. But in many instances, this has to do with too many individuals and businesses defaulting on their loans.

If you already have $250,000 with Harvard, FDIC officials say you have up until six months to restructure your accounts in order to keep this money insured.

Customers with questions can call the FDIC toll-free number at 1-800-591-2903. It will be open until 9:00 p.m. You can also visit its website at www.fdic.gov.
Rock River Bank was one of six Illinois banks closed by regulators today.
The others include Founders Bank in Worth, First National Bank of Danville, Elizabeth State Bank, First State Bank of Winchester and the John Warner Bank in Clinton.
This brings the total number of U.S. bank failures this year to 52. Twelve Illinois banks have been closed in Illinois in 2009.
Rock River is the first bank failure in the Stateline in over 20 years.

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